After your salary and business expenses, the remaining business profits can usually be paid out to yourself and any other shareholders as distributions. These are typically taxed as ordinary income and therefore are not subject to self-employment taxes.
On a recurring basis, you can pay out these distributions to your personal bank account.
1. View your Profit & Loss report in the Reports tab to understand your business profit.
2. Make a transfer to an external bank account or debit card, in order to pay out some or all of those profits as distributions.
3. In the Activity section, make sure to add the “Owner’s Pay” expense category to any distribution payments made. Note that this will not be included in your reporting of net profit.
Learn more: How do I pay myself with Found?
Note: Typically, you do not need to pay yourself distributions on a particular schedule. You can make these withdrawals from Found to a personal bank account at any time, as long as you have sufficient funds left over after your salary and business expenses.
Make sure to check out our guide on how to get the most out of Found as an S-Corp.
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.
²The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.
⁴Optional subscriptions to Found Plus for $19.99/month or $149.99/year or Found Pro for $80/month or $720/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read Found Fee Schedule.
The information on this website is not intended to provide, and should not be relied on for, tax or legal advice.
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According to Nerdwallet, Found is the best banking option for self-employed business owners. (Source)
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